A bionic implant is an artificially engineered device that is implanted to replace a natural organ in a human, with the purpose to provide life support while awaiting a transplant and improves a patient’s ability to interact socially.
According to the report published by Market Research Future (MRFR), the global medical bionic implant/artificial organs market is anticipated to grow exponentially and register a CAGR of 7.0% over the forecast period of 2018 to 2023.
Factors like increasing accidents & injuries, increasing government assistance, improving regulatory framework, technological advancements, and others can inspire growth for the global medical bionic implant/artificial organs market.
Despite these positive factors, issues connected with the medical bionic implant/artificial organs market are lack of skilled professionals, the high expenditure on devices, risk of malfunction of devices, and the comparatively poor healthcare system in low and middle-income countries may obstruct the growth of the market to an extent.
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Competitive Landscape
Several companies are making their grounds strong in the global medical bionic implant/artificial organs market by implementing various strategies. These strategies include merger, acquisition, innovation, branding, marketing, and others. MRFR enlisted several companies in the report to understand the market flow. These companies are
- Biocontrol Medical (Israel),
- Aleva Neurotherapeutics SA (Switzerland),
- Boston Scientific Corporation (U.S.),
- Biomet, Inc. (U.S.),
- Cyberonics, Inc. (U.S.),
- Cochlear Ltd. (Australia),
- LivaNova PLC (U.K),
- Ekso Bionics (U.S.),
- NeuroPace, Inc. (U.S.),
- Medtronic, Inc. (U.S.),
- Second Sight Medical Products, Inc. (U.S.),
- Ossur (Iceland),
- Orthofix International N.V. (The Netherlands),
- St. Jude Medical, Inc. (U.S.)
In September 2019, researchers from the Harvard University announced the launching of a new method to print human organs on a 3D printer. The technique is called SWIFT or sacrificial writing into functional tissue.
March 15th, 2019, Scientists in Poland’s Foundation for Research and Science Development revealed their usage of 3D bioprinting to create bionic pancreas and help secure it from diabetes.
Segments – Medical Bionic Implant/Artificial Organs Market
The market for global medical bionic implant/artificial organs is segmented by technology, product, fixation, end-user, and region.
Based on technology, the market is bifurcated as mechanical bionics and electronic bionics.
Based on the product, the market is classified as vision bionics, orthopedic bionics, ear bionics, neural/brain bionics, heart bionics, and others. Vision bionics is sub-segmented as bionic eye and others. Ear bionics are further segmented as Bone Anchored Hearing Aid (BAHA) and cochlear implant. Orthopedic bionics is sub-segmented as an exoskeleton, bionic leg, bionic hand, bionic finger, and electrical bone growth stimulators. The sub-segments of the bionic leg include bionic knee and bionic feet. electrical bone growth stimulators are sub-segmented into invasive bone growth stimulators and non-invasive bone growth stimulators. Heart bionics is sub-segmented as a total artificial heart, pacemaker, ventricular assist device, an artificial heart valve. The sub-segments of a pacemaker include implantable cardiac pacemaker and external pacemaker. The sub-segments of the artificial heart valve include a tissue heart valve and mechanical heart valve. Neural/brain bionics is sub-segmented as vagus nerve stimulators, deep brain stimulators, and spinal cord stimulators.
By fixation, the market is bifurcated into implantable and externally worn.
By end-user, the market has been segmented into research and academic institutes, hospitals and clinics, and others.
Regional Analysis – Medical Bionic Implant/Artificial Organs Market
North America dominates the regional market for medical bionic implant/artificial organs due to the presence of major market players who have introduced advanced medical bionic implants.
Europe is the second largest region in the global medical bionic implant/artificial organs market, owing to the government aid towards research and development expenditure, and the rising cases of organ failure and connected difficulties, and are expected to drive the European market.
The Asia Pacific is assessed as the fastest growing medical bionic implant/artificial organs market owing to increasing demand for advanced treatments, a huge patient pool, and development in the healthcare technology. Healthcare expenditure is found to be improving in various Asia Pacific regions.
The Middle East & Africa hold the lowest share of the global market due to low development, poor medical facilities, and lack of technical knowledge.
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